₦airaland Forum

RB007:
..you act like you know everything

[color=Gold]You must be a God [/color]

See beaf oo!

I struggled to understand the question of the Op at first until I read through the follow up comments and responses in the thread. The question seems incorrect but not a single person raised it, not even the MODs who placed the thread on the front page. How is it now a crime for me to point this out? .. Shuoo!

Is it just me or does someone else also think the question on this thread is incorrect?

I assume the Op is referring to the speed of vehicles, not the speedometer of vehicle. Also the Op is asking why cars are built with a capacity to travel at certain high speeds which are higher than most known speed limits.

BraniacX:
Remember i am asking for academic analysis not conjectures or theories which you will timeline with statistics, records of economic interventions (or lack of it) and their effects on the economic indices being assessed, and you will backdate it to the previous admin to establish causality that is beyond any reasonable or unreasonable doubt

And for the purpose of disambiguity, recession means negative economic growth, coupled with hyper-inflation, sharp increases in the unemployment rate and low job creation (apart from economic growth, the rest are associated indices not necessarily canon). Fluctuations in positive growth that do not enter the zone of negative growth therefore won't count as recession!

I await your elucidation as your avid student!
Thanks

This issue has been debated exhaustively on this forum but sentiments completely prevent people like you from comprehending simple things.

Oh yes, recession is a period of negative growth. But I think the logic here is quite simple, it is not only where you fall that matters but also where you tripped and where you started falling. A train is accelerating to a brickwall, it is not only when it hits the wall that matters, it also matters where it starts accelerating towards the wall.

With the above being said, I would leave you with this simple chart showing how Nigeria's growth rate was already plunging into the realm of recession before the last admin bailed out. I dont think I need to explain anything here.

www.nairaland.com/attachments/4178677_gdpvscrudeprice2_jpegc5856f214a58ffdca179aefcd84d6ffd

BraniacX:
Being verbose with words is becoming a trend i see

Since you've established that it is this current recession you're referring to when you used the phrase "laid the foundation' please backdate this recession to the previous government with the objective of establishing causality using a timeline if you may because economic simpletons like me find lofty and long stretched opinions difficult to conceptualise!
And oh! To help me avoid the "crafty hypocrite's" trap too.


I patiently await your academic analysis

A simplified breakdown of my opinion on the matter, contrary to Reno's exoneration of his own boss, the last admin also had a major role to play in getting us to the current mess we find ourselves in the country.

cc: luvinhubby

Africans....

The black man

Religion keeping the black man in perpetual bondage since the end of slavery.

wiseguy:
The OP is saying the fact. What he said is the actual thing though like him I don't support the formula. The government should pay at least 70%

Why should retired workers be made to forfeit their entitlements because of the irresponsibility of political leaders whether past or present (who will never forfeit a dime of their massive entitlements)?... Anything other than 100% payment is immoral.

It is however very important for the world to know that the pension arrears in question were actually accumulated from past administrations which most of the Rochas haters today are labelling saints.

coolscott:
Please don't reply that guy again.
I perceive he is half-baked.

Are there any constructive activities to indicate to humans on the planet that the govt is taking the country out of recession?

Have there been any such constructive recession-exiting activities in the past?

What isn't fraudulent about raiding judges homes first, then asking them to step down based on evidence found in the raid but dining with and endorsing the secretary of the FG whose acts of public fund stealing did not need a midnight raid for it to come to the open?

Remember that substantial money was found in the judges' home, whose source he should give account of. However, there's no mystery about the jar from which the millions diverted by Bachir came from. It came from money put aside for Nigerians displaced in the IDP camps.

It is an insult to the collective intelligence of Nigerians, any kind of suggestion that this government has anything to do with anti-corruption

Look at this shameless one, we talking of the recession and activities that led to it, you are busy yapping about arrest of judges. With your inability to even grasp a simple discussion yet you still have the guts to label someone 'half-baked'?... A totally uncooked piece of chaff thinks someone else is half baked? Wnderful!

freeze001:
The foundation of the rot and predicament of this country was effectively laid from the 70's particularly after the civil war and the current president played am active role in destroying this country. He has returned to further promote his bigotry and ethnic corruption so I wonder why u ate acting like Nigeria was el-dorado till 2010 and now saint Bubu has come to fix things...the truth sets one free from zombeism at all times.

The point I made was simple, fake Pastor Reno a.k.a. Wendell and his boss are also part and parcel of the mess we are in today, they are co-architects so he shouldnt try to hypocritically bend the story to paint himself a saint cos such nonsense will only appeal to jonathanian zombies like yourself.

Hmmm... is it even safe groping through this kind of swamp?

Andyblaze:
Why are our pastors always talking talking talking about things that are so unrelated to the gospel they were ordained to proclaim and always and aiming to praise themselves and attach achievements to their names.


ahhh..BTW nairalanders anticipate my new singles dropping soon. image below!

He is a man and he is a Nigerian, so what happens in Nigeria is 100% his business.

And by the way, talking of religion, where on earth do people even get the weird idea from that the life of religious leaders should start and end in the altar?... Do people even read their bibles at all?

woodcook:
You should go back and read your first post and tell if that sounded like what you just wrote. Remember you saying "...who laid the foundation of our present predicament" that does not sound like one holding both the past and present administration accountable.

Not until we started calling you out, did you start shifting your stance towards but not strongly acknowledging the huge impact of the present administration in the present economic woes bedevilling our country

Lol... discernment bro... try to calm down and learn to comprehend simple things. When building a large structure such as a house or bridge, the job doesnt end in laying the foundation. However the foundation is a very critical part of the entire structure. Hopefully I wouldnt have to explain this also to you.

woodcook:
In response to your charts, the problem is that you have skillfully refused to accept the fact that the present government clearly told Nigerians that the then administration were doing a bad job running the country and given the chance they were going to fix it all. If the present government had come up with a robust economic policies we wouldnt have been in such a dire need (I am sure you remember how much oil was through out Obj tenure even at that we recorded progress)

Haven said the above for simplicity my positions are simple: as at today the present administration is no where near the fixing the economy as promised. That if not for "trial and error" even with the fall in oil price the situation wont have been this bad.

NB: I never said GEJ was a saint but then I am not the guy that stand bye and watch a dog being giving a bad just to hang it.

You haven't been reading all I've been writing have you?... If you have, then you definitely would have realised that I have not exonerated the present admin; I simply just pointed out that the last admin also has a good share of the blame for the current recession contrary to your continuous exoneration and glorification of the last guys.

woodcook:
I partially agree with your position but saying that the economy was recession bound was incorrect. Nigeria officially went into recession under the present administration and still swimming in it without the prospect of coming out of it in the near future.

Have you considered that the dip you found in our economic indices at the aforementioned time might have been either temporarily or just normal economic fluctuations? The truth is that we can never if the last administration would have turned dip around and maintained the progress made but one thing that is certain is that the recent administration pluge the economic into the worse recession ever.

Like I said earlier, your setimental attachment to GEJ will not let you discern even the best explanations with the clearest facts and figures.

I would leave you with just this simple chart below comparing crude prices vs Nigeria's growth rate. If you cannot still see the downward acceleration in line with the oil prices, if you can't still see how this downward plunge started during GEJ's time but only crossed below the zero mark after handover, then I doubt any other indices I present will make any sense to you. Good luck in your convictions, GEJ was a saint who made Nigeria Dubai but Buhari came in and reversed it all in one year.
www.nairaland.com/attachments/4178677_gdpvscrudeprice2_jpegc5856f214a58ffdca179aefcd84d6ffd

eyeview:
I think it's a wrong postulation from you to state that the nation was already headed into recession before Buhari took charge. How can a nation whose economic indices were on a progressive growth during Gej be headed for recession. It grew to the point that it became the third fastest growing economy in the whole world.
Let's stop falling for the cheap propaganda APC and Buhari wants us to believe.

A little piece of advice for you, always endeavour to put in a little personal effort in reading, sourcing correct data and discerning information, else you will be at the mercy of political propagandists who dish out beautiful nonsense figures to hoodwink you because they know you wouldn't bother researching.

You said Nigeria was the third fastest growing economy in the world right?... I'm sure you said that based on this 'FORECAST' by CNN
https://www.36ng.com.ng/wp-content/uploads/2015/01/4.jpg

Now kindly take a second look at the words in that image, it was only an OPTIMISTIC FORECAST for 2015 based on the high GDP growth rate recorded early in 2014. But guess what?... It did not eventually materialise because as oil price started dropping from mid-2014, Nigeria's growth which is tied to oil price also began slowing proportionally and as at mid-2015 when GEJ was bowing out, Nigeria's GDP growth rate had already crashed to 2.35%

https://cdn.tradingeconomics.com/charts/nigeria-gdp-growth-annual.png?s=nigeriagdpyoy&v=201603120907n

I don't think I need to speak further, try and do your own personal research next time instead of relying on info from political propagandists.

The truth is that every thing needed to reverse the economy of any thriving nation was experimented by Buhari on assumption of power. Some of these reverse gear policies and actions included:
1, Spending over 7 months to set up a ministerial team to drive the economy
2, Putting square pegs in round holes in the ministerial slots. None of the ministers were appointed in their areas of competence, this will lead to further loss of time to understand their sector and ofcourse, being novice in their sectors, they were at the mercy of the perm secs and DGs who were doing their 'deals" under the ministers' nose. A typical example was the budget padding.
3, Going to the international scene to label your country as criminals with only you as the saint will certainly scare away investors.
4, Outrighting banning of Forex to users and parallel markets automatically caused scarcity of forex which in turn caused the free fall of the naira against major currencies. That effect is responsible for 80 percent of the rising cost of goods and services today.
5, The division of the country on tribal lines with his unguarded comments. Since you and I agree that oil is still our sole source of income, there is a reason why previous govts treat the Niger delta, the goose that lays the golden egg with caution. You don't go to the foreign media to announce that the region that produce the wealth can not receive dividends of your govt because they voted their son and not you. In other words, you will take their wealth and develop your region and ignore them. The resultant effect was the bombing of pipelines which saw to the great decline of national income.
6, The sacrificing of merit on the altar of tribal bigotry. There are key offices and appointments you don't make based on tribal or any form of sentiment. Such offices are key but Buhari on assumption brought to fore his tribal bigotry. People who could have handled some key sectors were overlooked for 'brothers from the North's who had no experience in running dynamic systems like ours.

The list is endless. Buhari is purely responsible for the mess he has plunged this nation into.

1. Oh yes this was a wrong move

2. This is the typical nonsense that happens in Nigeria due to the kind of political atmosphere we have. It did not start with Buhari and it will not end with him. Also budget padding has always existed, it was only given attention this time because Nigerians are now more vigilant.

3. This is inconsequential, the investors aren't fools not to do their own investigations to know what is obtainable in the Nigerian business climate. Buhari's honest words may have been politically incorrect and unnecessary, but that is not what chased any investors. Investors don't take their money to places where there isn't money. Nigeria relies purely on oil money, oil prices rose to the peak and investors flocked in, oil prices began dropping (less money in economy) and investors started bailing out, very simple logic.

4. Over 60% drop in oil prices is what led to forex scarcity seeing that over 90% of Nigeria's forex comes from oil export. Nigeria's foreign reserves fell rapidly from $38.5 billion to $28.5 billion in the last 6 months of GEJ, Naira also crashed from 160 to 230 to $1 within same period and this was depite that oil still sold above $60. With the rapid drop in forex reserves in those last 6 months, you don't need to be told what would have happened had the reserves dropped to zero (go read about Venezuela); hence the restrictions to forex was an inevitable life saving venture when the new govt came in. I dont need to explain this further, your mind is already configured not to understand it.

5. Buhari handled the Niger delta and Ipob issue poorly.

6. What key sector exactly needs to be handled by a particualr tribe?... Leaders employ/appoint who they believe they can work with, OBJ did it, Yaradua and GEJ also did this. Can you please point out an example where appointing a wrong tribe has hindered progress in a particular sector and can you please name who or the tribe that should have been appointed into the position for it to be 'correct'?

He claims there was no money when he took over.
Obj received paltry USD 3bn from abdulsalaam yet we had no recession. He receives USD 30bn from Gej and he plunges the nation into recession.

He claims oil price fell at his tenure. Oil has been selling at an average of USD 55 per barrel. It sold for about USD 26 to USD 30 in yaradua and Gej respectively, yet we didn't enter recession.

At what point will it be clear to the likes of you that Buhari is solely responsible for our predicament

Here we go again with people who have no idea on the 'time value of money'. In 1999, Nigeria's import bill was less than 10% of what it is presently, so even that $3billion which OBJ inherited then was far more valuable than $30 billion in 2016 when all Nigerians now own international mastercards, Visacards, paypal accounts, run international businesses, consume foreign goods including handkerchiefs and toothpicks etc. In summary, the demand for forex today is several multiples more than what it was in 1999 so the $3bn in 1999 argument is nonsense.

Something else you need to ask is what the wage bill and general recurrent expenditure in 1999 was compared to today; you can start by asking yourself how much was minimum wage and size of the civil service was in 1999 vs today then you would understand why a man receiving N10k salary in 1999 could be more comfortable than a person receiving 50k salary today.

Take a trip back to that chart I posted above on the country's GPD growth rate from 2014 till date and except you choose to stubbornly lie to yourself due to some meaningless sentiments, it would be clear to you that the country was already accelerating to recession before GEJ handed over.

Just to correct and clarify the erroneous figures you quoted above, during the Yaradua/GEJ era, oil prices never dropped to $26, rather it fell to $38 and this drop lasted for only 6 months compared to the present drop which has lasted close to 3 years; in addition, the massive savings in the CBN reserves is what rescued Nigeria from falling into problems in those 6 months, specifically $20billion was spent in mid-2008 to ealry 2009 to bail Nigeria out of that oil price drop, hence the continued insistence on the lack of savings by GEJ during super high oil prices being a great catalyst to the current recession.

woodcook:
If you think that the recession we are in now has nothing to do with the initial inactions and "trial and error"policies of the present government have nothing to do with the current economic situation then I think you are not being completely honest.

You can pull out the figures and display here we are all waiting and lets see how bad this present government have driven the economy into the gutter. I am patiently waiting.

On a side note: if I remember correctly during the campaign period APC listed out your position on the economy and promised to turn things around. If they knew things were not working and agreed to fix it, why on earth would you want to give them a pass now and not hold them accountable for their inefficiencies?

Go back and re-read what I wrote, I never exonerated the present admin for their inability to turn things around, nowhere did I give them a pass.

With that issue settled, I would just reiterate my point which is that the nation, just like a rickety molue bus, was already accelerating into the recession as at the end of the last admin, but fortunately for the last dude and unfortunately for the new guy, we got to the actual recession bus stop when the new admin had already taken the wheels. I wouldn't want to start pouring out the economic indices to prove this point but if you want them, I can make an exception and provide some hints.

It is only unfortunate that the present admin due to several actions and inactions since it took over was unable to at least step on the brakes and till now has not been able to turn the situation around as promised.

That being said, it is rather hypocritical and pointless for Pastor Reno to try to twist the narrative by exonerating himself and his principal from this mess while he passes all the blame to the successors.

woodcook:
By foundation did you mean:

That before they took over unemployement rate in Nigeria was 0 percent until Reno and co came?

Infrastructure was at par with that of the West before they came?

Or that for the first time in the history of Nigeria it was "them" that laid the foundation of power outage in our country?

Or that they destroyed our efficient security system and rendered our hospital useless and inefficient?

Or that they laid the foundation for the inefficiencies in the civil services and under funding of our education system?

Or are you refering to the foundation of inadequate availability of portable drinking water to over 40 percent of the population?

Please by foundation of our current problems can you state where things were when they took over and where it was when they left against where they are today. I am patiently waiting, thanks.

When I said the "nation's current predicament", I meant the recession and hyper-inflation; every other thing you mentioned above are constant problems which have always existed (even though Reno craftily makes it sound like they actually started when his boss left).

The primary cause of the current recession is the nation's over dependence on one single volatile commodity for its income. For too long, Nigeria's economy has been directly proportional to oil prices; oil price goes up, the economy flourishes and vice versa. If only genuine attempts were made to diversify the economy in the past, or at least develop certain critical infrastructure (roads, standard rails, more seaports, power etc) which could aid quick diversification, then we wouldn't have found ourselves in the current predicament.

I was simply calling out Pastor Reno for his crafty hypocrisy as he keeps trying to act the saint by passing the entire blame of the mess we find ourselves today to the new admin. Meanwhile all the so called 'rosy' economic indices which he bragged about as achievements of his boss, can he be gracious enough to tell us the exact state of those indices just at the time his boss was about handing over?

opal4real:
Just "8yrs" and Ijaws are like this. Bt 40yrs of Northerners in power they still have the poorest,beggers and least educated people in Nigeria. Majority are homeless,sand dunes are wiping out their lands.....mak I continue?

The problem has always been a lack of leadership; the elite get into power and grab all resources into their personal pockets while the poor keeps getting poorer. Whenever the politics of the day doesnt favour their opulent lifestyles, they spread a little propaganda (and toss a few copper coins) to the impoverished gullible masses telling them that the people of 'the other tribe' are responsible for the poverty; and of course the gullible masses swallow the nonsense without questions.

The north ruling for 40 years and still being the poorest region is a clear testament to the above. If anyone thinks the northerners are alone in this madness, then the 8 year rule of OBJ which returned nothing to Ogun state and the 5 year rule of GEJ which returned nothing to Bayelsa (not even the only road leading to Otuoke or water supply in the town) should be a testament to all discerning minds that the real problem stares us in the face and it has nothing to do with TRIBE or RELIGION.

Unfortunately, 99% of us still think it has everything to do with tribe, that's why we spend much of our time both online and offline castigating and fighting the next tribe even while we defend our own leaders who are truly the problem.

Fremancipation:
Imagine if these people were able to control their resources.

That's why I shake my head when I see some Ijaw folks screaming one Nigeria and still waiting for resource control after 50 years of begging.

The point being made here is that even the 13% which has accrued to the region for almost 2 decades has not been converted to any single form of development because of the useless leaders the region (and the nation at large) keeps producing. When the 50% or even 100% resource control eventually comes, it will even be clearer that the real problem is the sort of leaders in the region and not necessarily the lack of resources.

Whilst the leaders cannot account for the 13% being received currently (except of course their personal private jets and opulent lifestyles), these same leaders conveniently deceive the mass of people that there isnt development because there isnt 100% resource control.

Taking this very Bayelsa as a case study, this is one of the least populated states in the south which has barely 8 local governments and very few cities. The allocation to this small state dwarfs the allocation of most states in the country with far higher population, landmass and cities. But what do we have on ground after 18 years of democracy?... we have a state which cant even pay salaries and which has about the highest poverty indices in the south.

Until the true cancerous cell (i.e. useless leadership) is identified and tackled, even with 150% resource control, the rich elite will keep becoming richer with more elegant jet lifestyles, the boys in the creeks will up the violence and get some more payouts but the poor law abiding ordinary citizens will keep getting poorer.

odogwubiafra:
Whenever l hear you guys justifying Buhari's stand on one sided appointments, what this means is, yes he is right, after all GEJ did same. What comes to my mind is REVENGE instead of CHANGE as the campaign mantra. This is democratically unacceptable for a party that rode to power on the promise that they will right the wrongs of the past.

However, we are particularly concerned about the KEY positions as regards federal character. Starting from;
1) President
2) Senate president
3) Speaker HOR
4) Attorney General of the federation
5) SGF
6) INEC
7) All Security Chiefs.
I stand to be corrected that never a time even under military that the aforementioned positions were all from one of either South or North.

Never a time has this happened both in the past and present day.

These shameless thieves (including the ones who front as 'pastor') who laid the foundation of the nation's current predicaments still have the guts to pick a pen and write nonsense about others..

Na so some people go see armed robbers one day begin hail them because dem feel say dem be enemies of buhari.

And the suffering continues in 2017...

Joke of the century... How nwakpuda go fit beat person?

Splashme:
Correction #Vanguardngr

Work on the bridge had started since 2013 with the financing arrangement well in place.

One tribal bigot from Daura actually stopped work on it because the
people of that region belong to 5% who did not vote him during the election

These shameless APC liars are trying to spin this project as theirs.
They should be a limit to propaganda.
Shame on vanguard for being a willing tool to Buhari/APC lies

Self deceit is when you keep fooling yourself that it is Buhari who stopped the construction of the 2nd Niger bridge 2 years ago even when it is clear that GEJ did not budget or release a dime for the project beyond 2014. Keep entertaining your ignorance with bold letters.

$16bn by OBJ + $8.5bn by GEJ, and with all the accompanying due dues process, Nigeria was only able to increase its generating capacity from around 3000mw to 5000mw in 16 years. Right now we don't even know what to support anymore, due process or not?

nwakibie3:
If an individual (dangote) can build a refinery, then what stops the federal government from building one? Does it mean that dangote is richer than the federal government?

I think the mega-bureaucracy involved in the FG building a refinery, and the fact that a large pack of wolves are always around table waiting to pounce on any good development by any FG, that explains why an individual can far more easily achieve certain things in this country than the FG.

TRADELYN:
The only way out is to let technocrats (home and abroad) manage the economy; not leaving it in the hands of full time politicians.
Donald Trump is already appointing great guys in key positions before taking over from Obama.

With the way things are going, even the EFFC will find it hard to fight corruption soon.

I am a Christian, but I hate it when I hear people say pray for the economy to be better.

If you doubt my views, just put GEJ there and in 2 months you will see positive changes because you can't buy experience.
#JustBeingObjective

You just spoilt your beautiful write with your last sentence by mentioning GEJ's name as a messiah. Obviously you were ignorant of what happened within the last 6 months of GEJ when everything began crumbling as soon as oil prices began to crash (and that was even despite all the world class technocrats managing things then).

irrefragable:
hausa-fulani ass-kisser have you kissed an hausa-fulani ass for your daily bread today?

Have you taken your drugs today?

JUBILEE2000:
Their son who was supposed to know better than all of us was in power for almost 6 years and yet he could not address10% of The issues of Niger Delta despite the huge resources at the disposal of his administration. It will take a miracle for that region to produce a president in this country in the nearest future. May God raise a messiah that will wipe away their tears.

Goodluck was too weak to deal with the powers that be, the evil powers that are strangulating the development of the zone for their personal benefits.

AfonjasMustDie:


They should not only resume the payment, they should also increase the amount of money from 65k to 1 million naira each

These guys have been feeding Nigeria since 1856

You go into their communities, suck up all their oil, don't allow them to work in that oil block that sucks all their oil, they don't have good roads and at the end of the day you give them 65k (that's how much i wash my cars with every month)

If only you understand what's really happening in the region, you wouldn't make this statement. Are you aware that there are a large number of law abiding, educated and 'willing to work' Niger Deltans don't benefit from any of these?... While it is necessary to pay these boys to calm them down (so the rest of the nation can feed), it makes no sense in the longer term to keep paying some people who aren't ready to work; the entire programme in the ND should be reviewed to benefit the true people who need the development, not just some cultists who have hijacked the ND struggle.

Something else which needs to be addressed is some evil men who call themselves ND leaders and elders but who have been instrumental in ensuring that the region isn't developed. There are quite a large number of people in this category who prefer the status-quo and who fight day and night to ensure no real development comes to the region; they prefer the FG and oil companies to keep paying money to their personal accounts and settling their boys and would be sent out of business if any development comes.

One wouldn't forget in a hurry the struggle Julius Berger and other contractors had to go through to carry out work on the East-West road. A JB worker was kidnapped almost every week and the company had to struggle with restive boys and 'elders' every single day until they pulled out of the project. Till today that road isn't anywhere near completion.